Simon Cowell and Lauren Silverman Welcome Baby Boy

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Updated at 10:05 PM CST on Friday, Feb 14, 2014

And a Valentine's baby is born!

Simon Cowell and girlfriend Lauren Silverman welcomed a son, their first child together, on Friday at Lenox Hill Hospital in New York City after the brunette beauty went into labor early this morning, a source confirms to E! News.

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The music mogul was by Silverman's side when the couple's bundle of joy arrived, skipping out on "Britain's Got Talent" auditions in London and hopping on a private plane headed straight to NYC so he could be present for the birth of his son.

"He has had a plane on standby for a week," a source said. Cowell's rep was not immediately available for comment.

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Lauren's parents were also in the delivery room when the 36-year-old went into labor and her sister went straight to the hospital once she got wind of the baby news. The NYC socialite's 8-year-old son, Adam, with ex-Andrew Silverman was not present, "as it's President's Day weekend and he had a pre-planned vacation with his father," another source revealed.

So have the new parents picked out the little one's moniker?!

Yes--but the atypically tight-lipped Cowell has yet to share the news with the public.

"Actually, we agreed on a name last night, me and Lauren," Cowell told E! News during the "X-Factor" finalists' party in L.A. in November. "I'm not going to say what it is yet, but I'm happy."

Asked if the name will have any family ties, Cowell cheekily replied, "You'll have to wait and see!"

In the October issue of Parade magazine, the 54-year-old music exec opened up about his first foray into fatherhood, admitting he's "not brilliant with babies" while saying that he thinks he'll be "a good dad in terms of advice."

"I never know what to do," he confessed when it comes to newborns. "But [once he's older]...then I'll get to do all the things I want to do, like go to Disneyland or Universal Studios, teach him how to drive--I love all that."

And turns out, Cowell, who is never one to bite his tongue, is really just a big kid himself. "I love animals and cartoons," he told the mag. "I pretty much like everything I liked as a kid--the same foods and TV programs. I still watch "Scooby-Doo." I never grew up."

News of Silverman's pregnancy broke at the end of July. At the time, Lauren was still married to her now ex-husband Andrew Silverman, a former friend of Cowell's.

"I am committed to sorting things out with Andrew as amicably as possible to ensure the well-being of our son," Lauren said in a statement one day after her pregnancy made headlines. "I would hope for some space and privacy in order to work through this."

Cowell later broke his silence on the baby drama in late August, telling BBC, "I'm proud to be a dad. It's something I haven't thought of before, and then, now I know I feel good about it. And she's [Silverman] a very special girl."